{"id":26401,"date":"2022-10-20T13:10:15","date_gmt":"2022-10-20T07:40:15","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=26401"},"modified":"2022-10-20T13:10:15","modified_gmt":"2022-10-20T07:40:15","slug":"south-africa-deems-crypto-as-a-financial-product","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/south-africa-deems-crypto-as-a-financial-product\/","title":{"rendered":"South Africa deems crypto as a financial product"},"content":{"rendered":"

Bringing some cheer amid the downturn in the crypto market, South Africa\u2019s financial regulator classified<\/a> crypto as a financial product. The declaration was made on 19 October when the Financial Sector Conduct Authority (FSCA) published a notice about crypto\u2019s status in the country.<\/p>\n

The notice stated that in accordance with the recent update in the region\u2019s 2002 Financial Advisory and Financial Intermediary Services Act (FAIS), a definition for crypto assets is also added, making them a financial product.<\/p>\n

The FSCA notice clarified that a crypto asset is a financial product on the basis of three parameters. It noted that crypto which is \u201ca digital representation of value\u201d is:<\/p>\n

(a) is not issued by a central bank, but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility;<\/p>\n

(b) applies cryptographic techniques;
\n(c) uses distributed ledger technology.<\/p>\n

South Africa has made rapid strides in its bid to emerge as the next crypto hub. Earlier this year, the South African Reserve Bank (SARB) changed its stance on crypto and deemed it to be a financial asset, seeking a regulatory framework for the digital assets. The deputy governor of the SARB, Kuben Naidoo said that the bank \u201chas changed and we now regard [cryptocurrency] as a financial asset and we hope to regulate it as a financial asset. There has been a lot of money that has flowed in and there is a need to regulate it and bring it into the mainstream.\u201d<\/p>\n

In August, the central bank urged financial institutions in the region to indiscriminately serve crypto clients alongside mainstream customers.<\/p>\n

According to the exclusive guidelines<\/a>, financial institutions in the country “may act as a conduit for funds” tied to crypto asset service providers and “may play a role in customers wishing to purchase” or “receive payouts in fiat currency” in their bank accounts for the sale of crypto.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bringing some cheer amid the downturn in the crypto market, South Africa\u2019s financial regulator classified crypto as a financial product. The declaration was made on 19 October when the Financial Sector Conduct Authority (FSCA) published a notice about crypto\u2019s status in the country. The notice stated that in accordance with the recent update in the […]<\/p>\n","protected":false},"author":97,"featured_media":26404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[6467,6536,8806],"class_list":["post-26401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news","tag-south-africa"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-09-19T19:04:28+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Palak Malhotra\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/palak\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8a4eb1eaba29a875ba204825d6530ed2?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer","key_takeways":false},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/97"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=26401"}],"version-history":[{"count":2,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26401\/revisions"}],"predecessor-version":[{"id":26409,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/26401\/revisions\/26409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/26404"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=26401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=26401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=26401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}